Lazard Objectif Alpha Euro October 2016

November 2016
Lazard Objectif Alpha Euro
NAV €
Net Assets (M €)
A unit
FR0010828913
381,57
601,97
C unit
FR0011744663
301,59
13,35
R unit
FR0010830240
355,15
74,67
ISIN code
Euro Equities
Eligible for an equity savings plan
Total Net Assets (M €)
690,00
MANAGEMENT
Overall

INVESTMENT POLICY
The investment objective is to match or exceed the performance, net of expenses, of the benchmark, the Euro Stoxx, over the recommended investment period.
FUND MANAGERS' COMMENT - Régis BÉGUÉ
November was marked by the US presidential election, which was preceded and followed by pressure on long-term interest rates, light in the case of the Bund, more pronounced for the
TBond, as well as a subsequent rise in the dollar against the euro, but also the surprise announcement by OPEC of a cut in production of 1,2 million barrels per day, which triggered a
significant rebound in oil prices on 30 November. European equities experienced significant sector rotation, curbed however in the latter part of the month by concerns over the outcome of
the Italian referendum on reforming the constitution. The index ended the month down 0,36% and the fund down 1,17%. It was hurt by a negative stock-picking effect, notably in banks and
insurance, automotive and consumer goods. More specifically, it was adversely affected by the sharp fall of Banca Popolare di Milano and, to a lesser extent, those of Air France, Eiffage,
Carrefour, E.On and Renault, despite the fact there was no negative news concerning these companies. The fund nevertheless benefited from a strong selection in industrial goods and utility
services, as well as the rise of Vallourec, sold during the month, of Alstom, whose results were commended by the market, and those of Bank of Ireland and ING Groep.
PERFORMANCE - A unit
HISTORICAL PERFORMANCE
Lazard Objectif Alpha Euro
Eurosstoxx TR
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
Past performance is not a guarantee of current or future performance
PERFORMANCE
RISK SCALE**
Cumulative performance*
Month
YTD
1 year
3 years
5 years
Inception
Lazard Objectif Alpha Euro
-1,2%
-6,3%
-10,7%
4,8%
73,1%
90,8%
Eurostoxx Total Return
-0,4%
-2,7%
-8,1%
12,7%
64,5%
63,1%
Annualized performance
1 year
3 years
5 years
Inception
Lazard Objectif Alpha Euro
-10,7%
1,6%
11,6%
5,7%
Eurostoxx Total Return
-8,1%
4,1%
10,5%
4,3%
1
2
3
4
5
6
7
**Risk scale calculated from the volatility of the UCITS over a period of
5 years (see detail on the back)
Inception : 12 May 2005
RISK RATIOS
1 year
3 years
Volatility
Lazard Objectif Alpha Euro
21,5%
19,6%
Eurostoxx Total Return
18,5%
17,8%
Annual performance
2015
2014
2013
2012
2011
Tracking error
6,0%
4,7%
Lazard Objectif Alpha Euro
4,8%
5,3%
30,9%
29,5%
-24,0%
Information ratio
-0,5
-0,5
Eurostoxx Total Return
10,3%
4,1%
23,7%
19,3%
-15,2%
Beta
1,1
1,1
* The performance quoted represents past performance. Past performance does not guarantee future results.
Ratios calculated on a weekly basis
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, Rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr
November 2016
Lazard Objectif Alpha Euro
GEOGRAPHICAL ALLOCATION
SECTOR ALLOCATION
25%
40%
Lazard Objectif Alpha Euro
Euro Stoxx
Lazard Objectif Alpha Euro
Euro Stoxx
35%
20%
30%
25%
15%
20%
10%
15%
10%
5%
5%
0%
0%
MAIN HOLDINGS
MOVEMENTS
%
Country
Sector
New positions
Positions sold
Intesa Sanpaolo
2,7%
Italy
Financials
Cap Gemini
Vallourec
Lafargeholcim Ltd
2,6%
Switzerland
Industrials
0
Unilever
2,6%
Netherlands
Consumer Goods
Heineken
2,6%
Netherlands
Consumer Goods
Peugeot
2,6%
France
Consumer Goods
Schneider Electric
2,5%
France
Industrials
Natixis
2,5%
France
Financials
Continental
2,5%
Germany
Consumer Goods
Daimler
2,5%
Germany
Consumer Goods
Ferrovial
2,5%
Spain
Industrials
TOTAL
25,7%
Main holdings
FUND DETAILS
ISIN Code
Bloomberg Code
Legal form
A unit : FR0010828913
R unit: FR0010830240
C unit: FR0011744663
A unit: OBJALPH FP
R unit: OBJALPR FP
SICAV
Valuation
Eligible for an equity savings plan
Daily
yes
Custodian
Lazard Frères Banque
Management company
Lazard Frère Gestion
UCITS-Compliant
yes
Management fees
Subscription fees
Redemption fee
Outperformance fees
Taxation
15 % of the annual performance over the
Eurostoxx TR performance
Capitalisation and/or distribution
AMF classification
Equities euro zone
Subscription terms
Inception date
Currency
Investment horizon
A unit : 1% inclusive of all taxes of net assets
R unit : 2% inclusive of all taxes of net assets
C unit : 1% inclusive of all taxes of net assets
4% max
1% max
12 May 2005
Euro
On next NAV for orders placed before 11 a.m.
Settlement and value date
Subscription D (NAV date ) + 1 business day
> 5 years
Redemption D (NAV date ) + 3 business days
** Risk scale : Derived from the historic volatility of the UCITS over a period of 5 years. The management company reserves the right to adjust the level of risk calculated according to the specific risk of the fund. This risk scale is
supplied as a rough guide and may be modified without advance notice.
Le Revenu
Trophées 2010
des Meilleurs Sicav et Fonds
LAZARD FRERES GESTION
Gamme Actions Euro sur 3 ans
Trophée
Argent
Contacts :
Subscription/Redemption
Laurence Quint +33 1.44.13.02.88
(fax +33 1.44.13.08.30)
Additional information:
Publication of NAVs :
Laura Montesano
+33 1.44.13.01.79
www.lazardfreresgestion.fr
Cat. Établissements Spécialisés
Gamme Actions & Diversifiés
Catégorie Autres Établissements
Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain
investment objectives, risks, charges, expenses, and other information about the Portfolio(s) and The Lazard Frères Gestion Funds that may not be detailed in this document. Distributed by Lazard Frères Gestion.
The prospectus for Switzerland, the KIID, the articles of incorporation, the annual and semi-annual reports, as well as the list of the buying and selling transactions can be obtained free of charge from the representative of the Fund in
Switzerland, Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland, Tel. +41 22 705 11 77, Fax: + 41 22 705 11 79, www.carnegie-fund-services.ch. The paying agent is Banque Cantonale de Genève, 17
Quai de l'Ile, 1204 Geneva, Switzerland.
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr